Mideast Stocks: Most Gulf markets in red over Israel-Iran conflict worries
Most stock markets in the Gulf ended lower on Tuesday with investors cautious due to fighting between Iran and Israel that entered a fifth day, sparking fears of potential regional instability.
U.S. President Donald Trump, returning early from the G7 summit in Canada on Monday night, urged Iranians to evacuate Tehran. Iranian media reported explosions and heavy air defence fire in Tehran, and air raid sirens sounded in Tel Aviv in response to Iranian missiles.
Saudi Arabia's benchmark index dropped 1.4%, weighed down by a 1% fall in Al Rajhi Bank and a 1.3% decline by oil behemoth Saudi Aramco.
Dubai's main share index finished 0.6% lower, hit by a 1.2% fall in top lender Emirates NBD.
Investors are also watching for details from the U.S. Federal Reserve meeting scheduled to start later in the day, with a decision expected on Wednesday. Traders are currently pricing in two cuts by the end of the year.
In Abu Dhabi, the index fell 0.5%. The Iran-Israel conflict, meanwhile, drove oil prices higher, though major oil and gas infrastructure and flows have so far been spared from substantial impact.
The Qatari benchmark lost 0.5%, with the Gulf's biggest lender Qatar National Bank retreating 0.8%.
Outside the Gulf, Egypt's blue-chip index declined 1%, dragged down by a 4.7% tumble in investment bank EFG Holding .
SAUDI ARABIA slid 1.4% to 10,714
Abu Dhabi fell 0.5% to 9,536
Dubai dropped 0.6% to 5,372
QATAR was down 0.5% to 10,411
EGYPT declined 1% to 30,726
BAHRAIN gained 0.3% to 1,910
OMAN eased 0.3% to 4,520
KUWAIT added 0.6% to 8,680
(Reporting by Ateeq Shariff in Bengaluru; Editing by Joe Bavier)
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